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Inventories
9 Months Ended
Jul. 31, 2014
Inventory Disclosure [Abstract]  
Inventories
3. Inventories
Inventories consisted of the following at July 31, 2014 and October 31, 2013:
 
July 31,
2014
 
October 31,
2013
 
(In thousands)
Raw materials
$
33,215

 
$
26,201

Finished goods and work in process
26,788

 
19,767

Supplies and other
981

 
751

Total
60,984

 
46,719

Less: Inventory reserves
5,701

 
5,040

Inventories, net
$
55,283

 
$
41,679


Fixed costs related to excess manufacturing capacity, if any, have been expensed in the period they were incurred and, therefore, are not capitalized into inventory.
Our inventories at July 31, 2014 and October 31, 2013 were valued using the following costing methods:
 
July 31,
2014
 
October 31,
2013
 
(In thousands)
LIFO
$
4,537

 
$
2,090

FIFO
50,746

 
39,589

Total
$
55,283

 
$
41,679


During interim periods, we estimate a LIFO reserve based on our expectations of year-end inventory levels and costs. If our calculations indicate that an adjustment at year-end will be required, we record a proportionate share of this amount during the period. At year-end, we calculate the actual LIFO reserve and record an adjustment for the difference between the annual calculation and any estimates recognized during the interim periods.  Because the interim projections are subject to many factors beyond our control, the results could differ significantly from the year-end LIFO calculation. We recorded no interim LIFO allocation for the three- and nine-month periods ended July 31, 2014 and 2013.
For inventories valued under the LIFO method, replacement cost exceeded the LIFO value by approximately $1.5 million as of July 31, 2014 and October 31, 2013.